SEBI has issued circular no. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/129 dated September 26, 2024 regarding reduction in the timeline for listing of debt securities and Non-convertible Redeemable Preference Shares to T+3 working days from existing T+6 working days. A copy of the circular is attached as Annexure I.
The listing timeline of T+3 working days shall be applicable on voluntary basis to public issues of debt securities and NCRPS opening on or after November 01, 2024, and mandatory for public issues of debt securities and NCRPS opening on or after November 01, 2025.
Pursuant to reduction of timeline for listing to T+3 working days, T+1 modification window (modification of either PAN or DP details but not both) for PAN/DP mismatch shall cease to exist i.e., modification of either PAN or DP details but not both can be done during the bidding period until T Day.
For the listing timeline of T+6 working days, existing T+1 Day modification window (modification of either PAN or DP details but not both) for PAN/DP mismatch shall remain the same.
The T+1 modification window (modification of either PAN or DP details but not both) for PAN/DP mismatch shall cease to exist for all for public issues of debt securities and NCRPS opening on or after November 01, 2025.
The T+3 timeline for listing shall be appropriately disclosed in the Offer Documents of public issues by Issuers.
Intermediaries (viz. syndicate members, registered stock-brokers, registrar to an issue and transfer agent and depository participants) and Self Certified Syndicate Banks (SCSBs) are requested to take note of the same.
Sandeep Pujari Mangesh Tayde
DGM- Trading Operations DGM- Listing Business Relationship |